Page 44 - Plastics News November 2021

BUSINESS NEwS

ProAmpac Acquires Irish Packaging Companies Amcor Registers 10%

From Ifp Investments Increase in Q1 Net Sales

S-based and supplies food contact packaging ultinational
Uf lex ib le materials, including casing, boneguard Mpackaging
packaging firm and linerboard products. Both businesses firm Amcor has
ProAmpac has are expected to add sustainable and reported that its
acquired two flexible packaging manufacturing and net sales grew by
Irish packaging distribution capabilities to ProAmpac’s 10% on a reported
businesses , portfolio. Following the acquisition, basis for the first
Irish Flexible ProAmpac will assume both companies’ quarter of the
Packaging and current management teams without fiscal year 2022
Fispak, from IFP changing their roles.IFP Investments (FY22).This was a
Investments. The acquisition is part chair man Barr y O’Brien said: 1% increase on a comparable constant
of ProAmpac’s strategy to expand its “Our expertise in recyclable food currency basis against the same period
sustainability-focused flexible packaging packaging is an exciting complement of the previous year (FY21).Amcor
capabilities in Europe and the UK. to ProAmpac’s offering of innovative said that its net income, when calculated
The financial terms of the transaction f lexible packaging solutions. according to generally accepted
have not been disclosed. ProAmpac “We are thrilled to partner with Greg accounting principles (GAAP), rose
founder and CEO Greg Tucker said: Tucker and the ProAmpac team as by 2% to $202m.The company’s GAAP
“We are pleased to continue ProAmpac’s together we serve an expanded, global earnings per share (EPS) also grew by
expansion in Europe with the addition customer base with world-class sustainable 4% to $0.13. Amcor’s adjusted EPS
of Irish Flexible Packaging and Fispak. packaging products.”ProAmpac develops increased by 12% on a comparable
“These high-performing businesses solutions for consumer, healthcare, constant currency basis to $0.18. Net
strengthen our sustainable packaging e-commerce, retail and industrial goods sales for the group’s Flexibles segment
capabilities and enhance our ability to markets worldwide. The company rose by 13% on a reported basis, while
serve the leading dairy, bakery, meat and currently operates a network of 50 sites its Rigid Packaging unit registered
foodservice companies across Europe worldwide, serving more than 5,000 a 10% increase. Amcor CEO Ron
and beyond. “I welcome these talented customers in 90 countries. It is owned Delia said: “Amcor delivered a solid
teams to the ProAmpac family.”Irish by Pritzker Private Capital, along with first-quarter result in line with our
Flexible Packaging supplies paper-based management and other co-investors. expectations, as our teams executed
structures for customers in Ireland’s In July, ProAmpac acquired Irish protein well in an environment of broad
bakery and dairy sectors. Fispak serves packaging supplier Euroflex for an supply chain disruptions. “While sales
the meat, cheese and fish industries undisclosed sum. were tempered in some parts of the
business by raw material shortages, we
prioritised as much as possible security
of supply for our customers, recovery
of higher input costs and sales mix
management. “We held margins flat in
our Flexibles segment and navigated
through a particularly dynamic and
complex environment in the Rigid
Packaging business to deliver another
quarter of double-digit EPS growth.
“As a result, we are confident in our
ability to meet our earnings growth and
cash flow expectations and reaffirm
guidance for the full 2022 fiscal year.”

44 PLASTICS NEWS NOVEMBER 2021